Oh no… the SEC has rejected another 9 bitcoin ETFs…

It was largely apparent going into this that few people really expected these proposals to go through anyway.

Bitcoin’s price experienced some minor volatility at the time of the announcement but the big ramp to $6,873 and the plunge back happened several hours before the decisions were released.

Here’s the chart showing the ramp and plunge. The time of the SEC announcement is circled in purple.

As we’ve stated before, the ETF that has been causing excitement is the one proposed by VanECK, which is geared towards institutional investors.

The current decision date for that one is September 20th, but the SEC could delay the decision all the way until March. 

Today’s Highlights

Traditional Markets

The drama in the White House continues but still doesn’t seem to be doing much to the markets. The trade war is also heating up. Today tariffs come into effect on goods between China and the US.

It doesn’t end there though. The US is now ramping up their sanctions against Russia and President Trump shared a tweet this morning that many are speculating could mean that even more sanctions are coming, this time against South Africa.

The US Dollar is gaining against the Ruble and the Rand today.

This is also contributing to losses in other emerging market currencies, and the overall Dollar strength trend just might resume shortly.

Central Bankers Meetup

The US Federal Reserve released the minutes from their August 1st meeting last night. Markets are focusing on the Fed’s concerns about the current trade war and feel that a rate hike is likely to come in September.

The ECB will also release their minutes today but the real event that everyone watching is the annual central bank symposium, taking place today and tomorrow in Jackson Hole Wyoming.